Rumors have been swirling for months over what the Galaxy Alpha might deliver, but the latest reports suggest that it will feature Samsung's new Exynos octa-core processor and 2GB of RAM. It's also believed that the device may come with 32GB of internal storage and run on Android 4.4 KitKat. Most notably, the Galaxy Alpha is expected to launch with a metal body, answering criticism that Samsung's entire line of smartphones have plastic bodies, in contrast to Apple's iPhone.

The Galaxy Alpha is one of two highly anticipated Samsung devices expected to launch in the coming months. The other is Samsung's Galaxy Note 4 smartphone/tablet, expected at the IFA trade show in Germany in early September. The two devices could help Samsung reverse a downward slide seen last quarter when sales of the flagship Galaxy S5 were lower than anticipated and as its low-end smartphones were under fire by cheaper international competitors.

It's unclear where the Galaxy Alpha will sit in relation to the rest of Samsung's products. A metal construction implies a higher-end device, but the rumored specifications puts the smartphone at slightly below its Galaxy S5 flagship and presumably lower than the Note 4. The Alpha may end up appealing to mid-range consumers looking for higher quality materials, CNET says.

The company, meanwhile, has lost its crown as the top mobile maker in two crucial markets -- India and China -- in the last quarter. The company did, however, keep its crown as the top smartphone maker in the U.S. and remains the top overall smartphone maker in the world.